This document is the report of a study designed to determine the economic effects of quality education on college graduates. In order to do this, a sample of World War II veterans was surveyed as to their incomes after college. A regression analysis was used to study the relationship between college quality and individuals' incomes, controlling for individual ability, years in school, experience, and other socio-economic traits. Both peer group effects and faculty quality were found to be significant influences on later incomes of students. The influence of quality grew as labor force experience grew. Educational quality seemed to have greater effects for more able students. Also additional years in school are substitutes for college quality in the process of preparing to earn income in post-school life. (Author/HS)